Description
Value You Can Measure
Winthrop property owners have a variety good reasons to replace their windows. Updating old windows, improving the design of your home etc… Some such features can be calculated relatively precisely.
To start, windows preserve about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This puts windows among the top 5 home improvement investments in terms of value retention.
With regards to energy savings, homes in Winthrop, are likely to notice major savings on daily costs for energy. If you already have dual pane windows you could save approximately $111.77 compared to $114 in Boston. By comparison, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $327.52 every year, compared to $344 in Boston.
Increase your Winthrop Home’s Resale Price through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows may increase the asking price of your home. As mentioned before, windows preserve most of their initial value especially given their long life expectancy. At a rate of 72.3% estimated for 2020 an average total window replacement job costing $17,925 would preserve $13,018 of its initial value.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to answer the question : What’s the premium for energy savings when it comes time to sell? Below is what we found in Winthrop:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Winthrop, your home value could increase by between $670.6 and $981.31 for a mid-tier or top-tier Winthrop home respectively. Compare this to, the same replacement in Boston could yield somewhere between $684 and $1000.92.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Winthrop homeowners could yield an estimated home value gain of between $1965.14 for mid-tier homes and $2875.66 for the top tier. Compare this to between $2064 and $3020.32 in Boston.
Put differently, a window upgrade in Winthrop can add between 0.13% percent and 0.58 % percent to the value of your home via the energy efficiency premium buyers have shown a willingness to pay. Add to this the aforementioned +72.3% retained initial worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Winthrop homeowner is quite clear.
The variation between the range for Winthrop and Boston, which for reference, would yield a potential premium range of 0.14% percent and 0.2% percent respectively, is derived from a number of factors, principally; the -0.22% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price point in the Boston-Cambridge-Newton region, and heating & cooling price differences between Winthrop and Boston.
The data presented is derived from EnergyStar, the NREL,Department of Energy and professional research performed by the NAHB. Winthrop home value data is provided by Zillow.
Data Sources & Disclaimers
Sources:
https://www.bls.gov/regions/
https://www.eia.gov/consumption/residential/data/2015/index.php?view=consumption
https://www.energy.gov/energysaver/design/windows-doors-and-skylights/update-or-replace-windows
https://www.eia.gov/consumption/residential/data/2015/index.php?view=consumption#by%20end%20uses
https://openei.org/wiki/NSTAR_Electric_Company
https://www.aceee.org/press/2018/10/aceee-2018-state-energy-efficiency
https://www.builderbooks.com/what-home-buyers-really-want–2019-edition-products-9780867187724.php?page_id=32&pid=NAH
http://eyeonhousing.org/2019/04/how-much-are-buyers-willing-to-pay-for-energy-efficiency/
https://www.builderbooks.com/what-home-buyers-really-want–2019-edition-products-9780867187731.php
https://www.remodeling.hw.net/cost-vs-value/2020/new-england/
Disclaimer: The information on our website is general in nature and is not intended as a substitute for competent legal, financial or engineering advice.
Although National Vinyl is a Member of the National Homebuilders association and TrustGard windows are the recipient of EnergyStar’s “Most Efficient”,
we wish to state clearly and unequivocally: the information provided does not consitute an endorsement by or from any third party. We make no representation as to the accuracy of the information entered by third parties.We, our directors or shareholders disclaim any liability for any damages or loss arising from your use thereof.
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